By Abdul Qadir Qureshi
(Pakistan News & Features Services)
The Sir Syed University of Engineering & Technology (SSUET), Karachi, has passed its Rs 1,025 million budget for the financial year 2015-16 showing a deficit of Rs 2 million.
The budget was passed at a meeting of SSUET’s Board of Governors held under the chairmanship of Vice-Chancellor, Prof Dr Jawaid H Rizvi, and attended, among others, by Dr. Abdul Qadeer Khan, Lt Gen (Rtd) Moinuddin Hyder, Prof M.D. Shami, Sardar Yasin Malik, Cmmdr. (Rtd) Saleem Siddiqi, Ms Aziz Fatima and Additional Secretary Education.
The budget showed the current expenditure at Rs 884 million with development incurring an expenditure of Rs 141 million.
During the upcoming fiscal year the university will be spending Rs 37.3 million on further upgradation of its laboratories while a record allocation of Rs 40 million has been made for award scholarships to the deserving talented students.
According to the salient features of the budget 2015-16, the university will spend Rs 13.9 million on research projects, Rs 1.9 million on establishment of research innovative and commercialization centre, Rs 6 million on provision of financial incentive to faculty for carrying out research projects, Rs 0.8 million for Ph.D graduate program, Rs 5 million on hiring foreign specialists faculty, Rs 14.9 million for Faculty development and development of new campus, Rs 27.4 million on construction of new academic block, Rs 5 million on purchase of new books, research journals and equipment for the library, Rs 8 million, for provision of financial help out of profit of Endowment Fund, which today stands at Rs 340 million, to students and employees.
It may be mentioned here that 2015-16 budget is higher by Rs 73 million as against the revised estimates of Rs 952 million of fiscal year 2014-15.
The university mainly derives its income from Tution and Allied fees which has been set at Rs 882 million besides Rs 101 million other income, Rs 33 million from profit on endowment fnd and Rs 7 million donations.
The current expenditure encompasses establishment cost of Rs 566 million, scholarships Rs 40 million.